New Credits To Use On Your 2011 Tax Return

by Guest on March 9, 2012

Children’s Art Credit: Enrolling children younger than 16 in artistic, cultural, recreational or development programs means parents can
claim up to $500 in registration or membership fees with the new Children’s Art Credit. This includes activities like scouting, painting, pottery and tutoring. It means about $75 in tax savings. And you can still claim the Children’s Fitness Credit for programs involving physical activity.

Examination fees: If you pay fees to take an examination that is required to obtain a professional status or to practice a profession or
trade, you can now claim them as tuition if the fees are more than $100.

Students studying abroad: Instead of having to study for 13 consecutive weeks outside of Canada, you can now study for only three
straight weeks and qualify for a tuition credit as well as the education and textbook tax credits.

Volunteer Firefighters Credit: If you perform at least 200 hours of volunteer firefighting services for one or more fire departments, you will be able to claim this new non-refundable credit. Written certification from the chief or delegated official is required, but it could pay off with a maximum of $450 in tax savings.

Manitobans get more credits: The provincial Children’s Fitness Credit has been expanded to include young adults age 16 to 24. And there is a new $500 Children’s Arts and Cultural Activity Credit.

More credit for childcare: In Newfoundland, a new non-refundable Child Care Credit will be available and will be based on the amount of childcare expenses the parents can claim on their federal tax return.

 

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{ 1 comment… read it below or add one }

Ari March 22, 2012 at 4:24 pm

well, math-wise, probably do wtvheaer is the most beneficial of interest rate vs. expected return. But that is probably not realistic. I think as others mentioned, you have to weigh your future and future financial goals to make that decision

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